Moderate-Income Revolving Loan

The Moderate-Income Revolving Loan (MIRL) program was established by Senate Bill 1537 in the 2024 Legislative Session, allocating $75 million in General Fund resources for the Housing Project Revolving Loan Fund. The program intends to support and expand very low-, low- and moderate-income housing production in local communities across the state through a revolving loan structure.

Quick Links

Schedule a MIRL 1:1 Technical Assistance session with OHCS.
Questions or feedback? Submit them through the MIRL questions and comments portal.
Use the Sponsoring Jurisdiction toolkit to help prepare a MIRL application.

Key program components

OHCS will make no-interest loans to cities and counties (sponsoring jurisdictions) that meet specific requirements to fund very low-, low- or moderate-income housing projects. Sponsoring jurisdictions can use the loan to award a grant to a developer with an eligible housing project in their communities.
The MIRL program is limited to developing new housing or conversions of non-residential structures to housing for households earning 120% of area median income (AMI) or less. The taxable improvements are exempt from property taxes for about 10 years. Instead of regular property tax payments on the improvements, the developer/fee payer will pay a predetermined annual program fee for the duration of the property tax exemption period. The sponsoring jurisdiction will use this fee to repay the no-interest program loan.
Program funds may be used for costs related to infrastructure, redevelopment, construction, and land write-downs. Projects using MIRL resources will be subject to affordability requirements for the term of the program loan or 10 years, whichever is greater.

As program loans are repaid through the program fee structure, OHCS can issue new program loans for additional eligible housing development.

OHCS has launched Phase One of the MIRL program, with additional training and support for cities and counties interested in becoming a sponsoring jurisdiction coming in fall 2025. Sign up for email updates to receive a technical advisory with program updates.

MIRL Program Manual (PDF)

MIRL Video Tutorials and FAQ

MIRL program at a glance

1. Sponsoring Jurisdiction adopts ordinance or resolution establishing grant program and initiates a master agreement with OHCS. OHCS must also enter into a master agreement with the county when a city applies.

2. Developer with eligible project funding gap applies to sponsoring jurisdiction’s local grant program.

3. County tax assessor and sponsoring jurisdiction work together to determine project grant-eligible funding total.

4. Sponsoring jurisdiction selects Provisionally Approved Application & submits an Intent to Apply with OHCS. The jurisdiction submits their program loan request to OHCS via Procorem WorkCenter.

5. OHCS reviews program loan request; if approved, enters into loan agreement with sponsoring jurisdiction.

6. Sponsoring jurisdiction adopts project ordinance, enters grant agreement with developer & disburses program grant.

7. County tax assessor exempts property and submits report to sponsoring jurisdiction.

8. Developer provides annual status report to the sponsoring jurisdiction.

9. Fee payer pays annual program fee to tax collector upon certificate of occupancy.

10. Treasurer makes annual OHCS payment; funds revolve back into MIRL Fund.

11. Developer / fee payer completes repayment to sponsoring jurisdiction; tax exemption ends.

Download the process workflow (PDF)

Download the complete process flowchart (PDF)

Program resources

OHCS encourages cities and counties (sponsoring jurisdictions) to apply for the Moderate-Income Revolving Loan (MIRL) Program. Sponsoring jurisdictions can use the toolkit to prepare their own MIRL application. In this toolkit, you will find helpful information, templates, checklists, and forms that can be tailored to the needs of each sponsoring jurisdiction.

Sponsoring Jurisdiction Toolkit